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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.
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Spanish economy 28th January 2022

500 Public Works, Worth Over 230 M €, Abandoned Because They Do Not Consider Rise In Price Of Materials

The National Construction Confederation (CNC) warns that the public tenders that are being abandoned in Spain already exceed 230 million euros, as stated in the report that the employers’ association has presented with data broken down by territory. In total, almost 500 deserted works have been identified. Of these, the most affected would be Catalonia, where the hole due to the 200 abandoned tenders amounts to more than 50 million…

employment office

Spanish economy 28th January 2022

Spain, Employment Record: 20.18 Million People In Employment

The data from the latest Labour Force Survey, corresponding to the fourth and last quarter of 2021, have just been released by the National Statistics Institute. In the fourth quarter of 2021, 20.18 million people were employed. This is the highest number since September 2008 and 840,700 more than a year earlier (+4.3%). According to the National Statistics Institute, the number of registered unemployed was 3,103,800 at the end of…

global trade

European economy 28th January 2022

World Trade Reached Pre-Pandemic Levels In 2021

According to the analysis published in its latest Economic Outlook, Crédito y Caución forecasts that the final data on world trade growth in 2021 will confirm that international trade has returned to pre-pandemic levels. After an increase that will be between 8% and 10% in 2021, the credit insurer anticipates that the evolution will slow down to the 5% to 6% ranges for 2022 and 3% to 4% for 2023….

Enagas

Spanish economy 27th January 2022

S&P cuts Enagás rating to BBB with stable outlook

Renta 4 | Ratings agency Standard & Poors has revised downwards its rating on Enagás to BBB from BBB+, changing its outlook to stable from negative. This is a move which contrasts with the last rating in December from Fitch of BBB+ and a stable outlook. Furthermore, the motives for this downgrade have not transcended. Valuation: Negative news. Although we believe the impact is limited, it’s possible that given the…

Spain Catalonia

Spanish economy 27th January 2022

Almost A Thousand Companies Left Catalonia In 2021

Last year, 5,403 companies moved their headquarters from one Spanish region to another, almost 20% more than in 2020. More than 40% chose Madrid as their destination. Catalonia recorded the largest negative balance with the loss of 348 companies. The exodus of companies from Catalonia to other autonomous communities began in 2012 as a slow trickle. This was the result of the decision of former president Artur Mas to open…

Meliá

Spanish economy 27th January 2022

Melia’s RevPar could be around 67% of 2019 level vs 43% for the sector in Spain

Renta 4 | Consultancy STR and Cushman & Wakefield have carried out a study on the hotel sector in Spain, comparing estimates for 2021e with the figures for 2019. Revenue per room (RevPar) in 2021e will be around 43% of the 2019 level, mainly due to the decline in occupancy (-43,4 pp vs 2019 to 36%) as prices would remain around 2019 levels. At Renta 4 Banco we expect less of a…

ECI TC

Spanish economy 27th January 2022

Mutua Madrileña Takes An 8% Stake In El Corte Inglés, Which Will Be Floated On The Stock Exchange

El Corte Inglés shareholders gave the ‘green light’ this Wednesday at its extraordinary general meeting to Mutua Madrileña entering its shareholding after the agreement reached: the insurer -Mutua Madrileña- acquires 8% of the distribution group, from treasury stock, for 555 million euros and its President and CEO, Ignacio Garralda, will join the board of El Corte Inglés. In addition, the insurer will acquire 50.01% of each of the two companies…

mario draghi italy

European politics 27th January 2022

Italy’s Presidential Race Puts a Strain on Political Balance

*This article was originally published by Fair Observer Alissa Claire Collavo | Italy’s parliament gathered in a joint session of both houses on January 24 to elect the country’s next president who will succeed Sergio Mattarella, whose term will end on February 3. A total of 1,009 voters, including 58 delegates chosen by regional councils and known as “great electors,” took part in the first stage of voting, which will be repeated every…

Acerinox

Spanish economy 26th January 2022

The sector’s good momentum could lead to Acerinox ending 2021 with an EBITDA of 980,3 €M, a new record high

Renta 4 | A unique moment for the sector supported by greater control on imports is translating into the following: 1) A strong recovery in demand, both final (construction, catering and home appliances) and perceived (reconstruction of inventories on the part of stockists). 2) Increase in production: the previous point along with lower imports has fuelled a strong rise in plants’ utilisation rates. 3) Low inventory levels: In spite of…

pensiones playita

Spanish economy 25th January 2022

The CPI Makes The Pension Increase To Be Approved Today 3.125 Billion Euros More Expensive

The newspaper El Economista explains today that on the same day as the Government approves the increase in pensions for this year, it will also have to come up with an extra almost 3.125 billion euros to finance the operation. This follows the deviation between the price estimate forecast by the Executive in the current General Budget and the strong rise in inflation in the last few months of 2021….